Adoptive Families Blog

Adoption Tax Credit Questions?

Posted by Lifetime Adoption on December 23, 2014

couple_work_on_taxes

Do you have questions about the adoption tax credit?

Many families begin the adoption process wanting to learn more about this valuable tax benefit worth over $12,000.  But let’s face it, the tax code can be confusing even for seasoned accountants!  When families start the adoption process, we often hear questions like

  • Is this just like the tax deduction we get for our mortgage interest?
  • What’s the difference between a tax credit and a tax deduction?
  • When can we claim the tax credit? In the year the adoption is finalized? Or the year we begin? Or??
  • Does it matter how much money we make?
  • Will the tax credit for adoption go away or is it permanent?
  • Is it for all adoptions? Even through the foster system?


If you want some specific answers, we have help!

First, we often feature experts that talk about topics like this on free monthly webinars.  You can register at AdoptionTeleconference.com.

We’ve found a great article online that has specific and up-to-date examples for these questions and others. 

Finally, for answers about this and other questions, visit this page about financing your adoption. We have information on adoption loans, adoption grants, and much, much more!

Topics: Adoption tax credit